Kuala Lumpur has become an investment haven for foreign investors in terms of residential properties and even mega integrated projects.
Australia-based developer Lendlease plans to launch the centrepiece mall at the 17-acre TRX Lifestyle Quarter in the second half of 2017, reported The Star.
Expected to be completed by 2020, the shopping centre known as The Exchange TRX will come with 500 retail units with combined a net lettable area of 1.35 million sq ft and around 3,000 parking spaces. Currently, the company has already excavated the earth to build the basement levels of the four-storey retail mall.
“Our first priority is to get the retail mall up and ready, as it is the cornerstone of the project,” said Lendlease CEO for Asia, Tony Lombardo, adding that a hotel will be built on top of the shopping centre.
At present, a quarter of the mall’s space has been pre-leased by at least three anchor tenants, including Japan-based department store operator Seibu.
“So far, we have secured 25 percent of net lettable area with tenants that offer new-to-market brands and concepts departmental store, as well as cinema and supermarket,” said TRX Lifestyle Quarter Managing Director Stuart Mendel.
After the mall’s debut, Lendlease plans to unveil two of the six residential towers in the first half of 2018 at the TRX Lifestyle Quarter, which has gross development value of approximately RM8 billion.
The residential component, which will be called TRX Residences, will consists of 2,400 units of various types like studios, one-bedders, and four-bedroom apartments, with sizes ranging from 500 sq ft to 2,000 sq ft The six residential towers, with heights of 40 to 57 storeys, are targeted for completion in phases from 2021 and onwards.
The TRX Lifestyle Quarter is 60 percent owned by Lendlease, while the Ministry of Finance’s wholly-owned subsidiary TRX City Sdn Bhd will hold the remaining 40 percent.
Meanwhile, Indonesia’s Mulia Group has already begun working on its 95-storey office block within the 70-acre Tun Razak Exchange (TRX), which is also where the Lifestyle Quarter is located.
Among up and coming developments nestling in the heart of Kuala Lumpur are:
1. Isola KLCC
3. Eaton Residences, Jalan Kia Peng
Image sourced from The Star
Radin Ghazali, Content Writer at PropertyGuru, edited this story. To contact her about this or other stories email radin@propertyguru.com.my
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